Rohm & Haas sees better times ahead
The Philadelphia-based chemicals producer Rohm & Haas has reported a net loss of $38 million or 17 cents a share for the fourth quarter, blaming a combination of one-off charges, slower sales and higher raw material costs. This compares with a profit of $37 million or 17 cents a share the year before.
As predicted by the company in December 2002 (see leatherbiz.com story Rohm & Haas sales slow in fourth quarter - 28.12) chemical sales were flat, reflecting the wider sluggishness affecting the chemicals sector. On a currency neutral basis, group sales were up 7% to $1.44 billion.
The company sees profits rising 10% or even 30% in 2003 however as the effects of rising sales and cost cutting measures undertaken in 2002 start to come through. The company has separately announced the appointment of elected Gary S. Calabrese a vice president of the company, and chief technology officer. His main remit will be to identify new areas of technology investment.
